Matamec Explorations Receives $1.04 Million from Toyotsu for Kipawa

Matamec Explorations Inc.(TSXV:MAT, OTCQX:MHREF) announced that they have  received $1.04 million Toyotsu Rare Earth Canada Inc. to assist with the Kipawa mine project.

As quoted in the press release:

To date Matamec has received $13,195,629 CDN of the maximum $16M CDN for the completion of a definitive feasibility study on the Kipawa HREE deposit, which is expected in the second quarter of 2013.

Matamec’s President and CEO, Andre Gauthier, said:

The continued financial commitment by Toyotsu positions Matamec strategically to be one of the first companies to supply heavy rare earths for hybrid and electric vehicles in North America.

To view the whole press release, click here.